On the weekly chart, GBPUSD is currently entering the demand zone, but there is no reaction to buying power, and last week the pound closed at a new low. Therefore, the current short-term sentiment is still strong.
Although the pinbar appeared in 4H, the low structure of June 18 could not be underestimated. If you execute a buy plan at this location, then you will have no room to place the TP! In the premise that the overall trend has not been broken, it is unwise to execute the buy plan simply because of the pinbar and the current low price.
So we have two options to face the current trend. 1, patiently waiting for a breakthrough in the downward trend. Buy on dips; 2, looking for high-selling, leaving at the three prices of 1.243, 1.24, 1.233. It is also 1.272, 1.414, 1.618 of the daily chart Fibonacci extension.
Of course, we are not just emphasizing the potential reversal value of these prices in terms of Fibonacci numbers. Because we found the price of 1.414, 11 candles hit a strong rebound, there are 9 and candle violent breakthroughs - indicating that this position is critical.
and so, 1, based on the pattern of last week's closing; 2, the reaction of the candle into the demand zone; 3, the Fibonacci key series; 4, the form of KEY LEVEL;
From these four points, we should not easily guess the bottom line unless the downtrend LH is broken. Be a good friend of the trend.
Oh! Look, 4H has a pinbar, I have to buy some! If you execute a buy plan after the pinbar appears, then your profit and loss is less than that?
1:1?2:1? I think 1:1 is hard to achieve.
Admission we need to consider three issues: 1 trend; 2KEY LEVEL; 3 signal; 4 profit-loss ratio.
Trend: The trend is now a downward trend
KEY LEVLE: The blue box marks the market structure, which is filled with unfilled orders for selling. If you want the price to rise, the buyer needs to close the orders of all the sellers that are hoarded in the structure.
Maybe someone will implement a buy plan here. But for trend trackers, you still have to wait. The reason is that although the price is cheap enough, the structural position is very close to the buying point, even greater than the stop loss; 2 because the first point, the market buying mood is not strong enough.
The signal is there: pinbar. But this pinbar is used to deceive people. You have to polish your eyes.
Oh! Look, 4H has a pinbar, I have to buy some! If you execute a buy plan after the pinbar appears, then your profit and loss is less than that?
1:1?2:1? I think 1:1 is hard to achieve.
Admission we need to consider three issues: 1 trend; 2KEY LEVEL; 3 signal; 4 profit-loss ratio.
Trend: The trend is now a downward trend
KEY LEVLE: The blue box marks the market structure, which is filled with unfilled orders for selling. If you want the price to rise, the buyer needs to close the orders of all the sellers that are hoarded in the structure.
Maybe someone will implement a buy plan here. But for trend trackers, you still have to wait. The reason is that although the price is cheap enough, the structural position is very close to the buying point, even greater than the stop loss; 2 because the first point, the market buying mood is not strong enough.
The signal is there: pinbar. But this pinbar is used to deceive people. You have to polish your eyes.